Thursday, November 5, 2009

Panalpina Increases Freight Business in Third Quarter

Both Air-and-Sea Tonnages Up
Shipping News Feature

SWITZERLAND – Swiss-based logistics specialist Panalpina has reported in that it has seen a significant increase in the freight volumes the group has transported in the third quarter of this year in comparison to the second.

Figures released today indicate that Panalpina has accomplished a 10% increase in air freight volumes whilst ocean freight is up by 13%. In addition, the group reports that its free cash flow for the first nine months of this year has increased by 39% to CHF 161 million in comparison to the same period last year, largely due to a global cost-cutting and effieciency drive the group has implemented over the last year.

Though the figures are down from last years by 25% for air cargo and 18% for sea freight, the group attributes this to the chronically weak market conditions that have effected the entire global freight industry over the last year.

Speaking on the figures Monika Ribar, CEO of Panalpina, said that: “Between the second and third quarter of 2009, Panalpina recorded higher volumes in both air and ocean freight.

“But as the numbers in the 9-month comparison clearly show, the market environment remains extremely difficult. This is why we continue to intensify our sales efforts by optimizing our customer mix and by expanding our offerings in global supply chain management.

“While there is no short-term solution for the current challenges, I am confident that these measures will pay off in due course”.

Panalpina also reported that an anti-trust investigation against the company by the Canadian Competition Bureau had been dropped due to a lack of evidence that substantiated an undue lessening of competition.

(editors note: This increase in Panalpina’s business corresponds precisely to the same period they chose to advertise with the Handy Shipping Guide, now read by freight professionals in 148 countries)